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Sunrays Textile Mills swings to profit in fiscal Q4

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Sunrays Textile Mills swings to profit in fiscal Q4

Sunrays Textile Mills Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 was 49 Pakistani paisa per share, compared with a loss of 7.18 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.3 million rupees, compared with a loss of 49.5 million rupees in the year-earlier period.

The normalized profit margin rose to 0.3% from negative 5.4% in the year-earlier period.

Total revenue increased 10.6% year over year to 1.01 billion rupees from 915.0 million rupees, and total operating expenses increased year over year to 995.3 million rupees from 963.8 million rupees.

Reported net income came to a loss of 5.9 million rupees, or a loss of 85 paisa per share, compared to a loss of 49.8 million rupees, or a loss of 7.21 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled 5.88 rupees per share, a fall of 22.6% from 7.60 rupees per share in the prior year.

Normalized net income was 40.6 million rupees, a fall of 22.6% from 52.4 million rupees in the prior year.

Full-year total revenue declined 5.8% on an annual basis to 3.86 billion rupees from 4.09 billion rupees, and total operating expenses decreased 5.2% on an annual basis to 3.78 billion rupees from 3.99 billion rupees.

The company said reported net income declined 50.0% year over year to 37.8 million rupees, or 5.47 rupees per share, in the full year, from 75.5 million rupees, or 10.95 rupees per share.

As of Oct. 4, US$1 was equivalent to 104.48 Pakistani rupees.